Vietnam Plant-Based Dairy Market: Trends, Forecasts upto 2028 and Company Shares

Market Snapshot

The plant-based dairy market in Vietnam is experiencing significant growth as consumers become more health-conscious and environmentally aware. The demand for plant-based milk, cheese, and yogurt is increasing as people seek alternatives to traditional dairy products. The market is being driven by a growing vegan population, lactose intolerance, and concerns about animal welfare. Major players in the plant-based dairy market in Vietnam include international brands such as Alpro, Oatly, and Silk, as well as local companies like Vinasoy and NutiFood. The market is expected to continue to grow as more consumers adopt plant-based diets and seek out healthier and more sustainable food options. However, challenges such as high prices and limited availability of some products may hinder the market's growth in the short term.

The dairy industry in the Vietnam is undergoing a great transformation, influenced by many factors. Economic instability and ongoing geopolitical tensions are challenging the traditional dairy sector. These challenges have created a unique opportunity for the growth of plant-based dairy alternatives in Vietnam. This dynamic shift in consumer preferences reflects a changing landscape.

Plant-based options in the Vietnam are increasingly favoured by sustainability-conscious consumers, presenting a notable shift in consumer preferences. While traditional cow's milk prices have risen, plant-based alternatives are gaining ground, with notable growth in sectors like plant-based yoghurt and cheese. The sustainability trend and convenience-driven purchases are driving the growth of plant-based dairy in the Vietnam, despite the slight price difference compared to traditional dairy products. The competitive landscape is evolving as major brands enter the plant-based dairy market, responding to changing consumer lifestyles and preferences.

Market Overview

Plant-based dairy alternatives are making a sustainable mark on the Vietnam market, riding a wave of consumer interest in environmentally friendly products. Despite economic uncertainties and geopolitical tensions, the dairy industry is experiencing a change in consumer preferences. Premium consumers are turning to oat, soy, and almond milk as sustainable alternatives to traditional cow's milk. Plant-based milk prices have seen substantial growth, although at a slightly slower rate compared to traditional cow's milk.

Plant-based yoghurt and cheese in Vietnam are flourishing, registering impressive retail volume growth rates. In contrast, soy drinks are facing dwindling demand as consumers explore diverse plant-based options. Although the price gap between traditional and plant-based dairy is shrinking, plant-based options still carry a slightly higher price tag. This, coupled with reduced disposable incomes among consumers, has tempered the resurgence of plant-based choices. However, the sustainability trend continues to drive interest and growth, despite the economic challenges facing the Vietnam.

Segmentation by Retail Channel

The retail landscape in the Vietnam's dairy and plant-based alternatives market is experiencing a surge in competitive marketing campaigns. Price sensitivity and innovative product formulations are pushing major brands to venture into the plant-based dairy market, expanding the range of options available to consumers. The convenience of e-commerce is driving sales of plant-based dairy, with online availability improving, and convenience stores are also benefiting from the demand for convenient plant-based products. Single-serve yoghurt products are emerging as meal substitutes, aligning with changing consumer patterns. In this ever-evolving landscape, the plant-based dairy market in the Vietnam offers growth potential, as consumers increasingly seek sustainable and environmentally conscious alternatives to traditional dairy products.

Competitive Landscape

The plant-based dairy market in Vietnam is becoming increasingly competitive as more companies enter the market. With the rise of health-conscious consumers and concerns about the environmental impact of traditional dairy farming, plant-based alternatives are gaining popularity. Local companies such as Vinasoy and NutiFood have been joined by international players like Nestle and Danone, all vying for a share of the growing market. As competition heats up, companies are investing in research and development to create new and innovative plant-based products to meet the demands of consumers.

Uncover key market trends, investment insights, and global economic impacts driving this industry's growth

Porter 5

Market Segmentation

Company Performance

Financial values in the chart are available after report is purchased.

Our Company Coverage

Our comprehensive company performance report offers a detailed analysis of critical factors for our clients' industry insights. It covers key financial metrics, such as revenue, profit, and profit margin, providing a clear financial overview. We also assess the company's structure by identifying key subsidiaries and top industry competitors, conducting a thorough SWOT analysis to reveal strengths, weaknesses, opportunities, and threats. The report includes an in-depth income statement for financial assessment and a credit analysis for evaluating creditworthiness. Industry-specific data and benchmarks enable clients to compare performance, providing actionable insights for strategic decisions and competitive advantages.